Background information
B-Star is a theme park based on a popular series of children＊s books. Customers pay a fixed fee to enter the park， where they can participate in a variety of activities such as riding roller-coasters， playing on slides and purchasing themed souvenirs from gift shops.
The park is open all year and has been in operation for the last seven years. It is located in a country which has very little rainfall- the park is open-air so poor weather such as rain results in a significant fall in the number of customers for that day （normally by 50%）。 During the last seven years there have been on average 30 days each year with rain.
B-Star is now very successful； customer numbers are increasing at approximately 15% each year.
Ticket sales
Customers purchase tickets to enter the theme park from ticket offices located outside the park. Tickets are only valid on the day of purchase. Adults and children are charged the same price for admission to the park. Tickets are preprinted and stored in each ticket office.
Tickets are purchased using either cash or credit cards.
Each ticket has a number comprising of two elements 每 two digits relating to the ticket office followed by six digits to identify the ticket. The last six digits are in ascending sequential order.
Cash sales
1. All ticket sales are recorded on a computer showing the amount of each sale and the number of tickets issued. This information is transferred electronically to the accounts office.
2. Cash is collected regularly from each ticket office by two security guards. The cash is then counted by two accounts clerks and banked on a daily basis.
3. The total cash from each ticket office is agreed to the sales information that has been transferred from each office.
4. Total cash received is then recorded in the cash book， and then the general ledger.
Credit card sales
1. Payments by credit cards are authorised online as the customers purchase their tickets.
2. Computers in each ticket office record the sales information which is transferred electronically to the accounts office.
3. Credit card sales are recorded for each credit card company in a receivables ledger.
4. When payment is received from the credit card companies， the accounts clerks agree the total sales values to the amounts received from the credit card companies， less the commission payable to those companies. The receivables ledger is updated with the payments received.
You are now commencing the planning of the annual audit of B-Star. The date is 3 June 2009 and B-Star＊s year end is 30 June 2009.
List the audit procedures you should perform on the credit card receivables balance. （4 marks）
参考答案：
Audit of year end credit card debtor
–Agree the balances on each credit card company’s ledger account to the list of debtors.
–Cast the list of debtors and agree the total to the total on the debtors ledger control account.
–For the last day of the financial year and the first day of the new financial year, agree total sales income from ticket office
records to the cash book and debtors ledger ensuring they are recorded in the correct period.
For a sample of material balances and a random sample of immaterial items:
–Obtain direct confirmation from the credit card company of the amount due to B-Star using a debtors confirmation letter.
–Where direct confirmation is not possible, obtain evidence of cash receipt after the end of the financial year. Agree the
amount on the bank statements post year end of B-Star to the amount due in the debtors ledger (less any commission
due).
–Review post year end the sales day book for debit notes indicating that sales may have been overstated in the prior year.
–Obtain the financial statements of B-Star and ensure that the debtors amount is disclosed as a current asset net of
commission due to the credit card companies.